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2017 (7) TMI 609 - AT - Income TaxRevision u/s 263 - Held that:- The proceedings under section 263 have been initiated on mere change of opinion on the same identical facts and circumstances of this case as is considered by the Revenue Department in earlier year as well as in the assessment year under appeal. As is noted above, Assessing Officer has considered this issue at assessment stage by calling for information from the assessee. The claim of the assessee is consistent as have been made in earlier years, therefore, in the absence of any new material against the assessee, Revenue Department cannot be allowed to take a contrary view in subsequent year. Such approach is not permissible under the law. We may also note here that CIT has not pointed out in the impugned order as to how the assessment order passed by the Assessing Officer was erroneous and prejudicial to the interest of revenue. The ld. Pr. CIT, without any basis and merely following two decisions of the Hon'ble Supreme Court referred to above, have set aside the assessment order. Whether a particular income is ‘income from house property’ or a ‘business income’, depends upon facts and circumstances of each case and different views are possible as per various judgements, referred to above based upon the evidence and material on record. The issue is highly debatable and as such, ld. Pr. CIT was not justified in setting aside the assessment order by invoking jurisdiction under section 263 of the Act. We do not agree with the view of ld. Pr. CIT in invoking jurisdiction under section 263 of the Act. Accordingly, we set aside and quash the order under section 263 of the Act dated 25.02.2016 and restore the assessment order dated 14.01.2014. Appeal of the assessee is allowed.
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